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Tata AIG Assure Lifeline Plan
Tata AIG Life Assure Lifeline Plan is a pure term insurance policy which offers high coverage at low and an affordable premium which is best suited for people with high financial responsibilities. In such policies, if the policy holder dies then the nominee is given the sum assured. If the policyholder survives the entire term, then he does not get anything in return.
In the various types of Plans, the Premium keeps increasing with rise in renewable policy term. It provides flexibility to the customer to pay lesser premium at lower ages.
Key Features of Tata AIG Life Assure Lifeline Plan
It is a pure Term Insurance Policy with Death Benefit only
There are 4 versions of this plan to suit policyholder’s needs:
1. Tata AIG Life Assure One Year Lifeline Plan - It is a one year renewable plan where the premium is determined each year depending on the attained age
2. Tata AIG Life Assure Five Years Lifeline Plan - It is a five-year renewable plan where the premium remains constant for 5 years. The renewal premium is based on the attained age
3. Tata AIG Life Assure 10/15/20/25 Years Lifeline Plan - It is a renewable plan where the premium remains constant for 10/15/20/25 years. The renewal premium is based on the attained age.
4. Tata AIG Life Assure Lifeline to Age 60 Plan - This plan provides for an option to shift to any of the Tata AIG Savings Plans
Benefits you get from Tata AIG Life Assure Lifeline Plan
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured under the plan as selected at the beginning of the policy tenure.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Tata AIG Life Assure Lifeline Plan
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
Not Specified |
No Limit |
|
Policy Term (in years) |
10 |
25 |
|
Premium Payment Term (in years) |
Equal to policy term |
Equal to policy term |
|
Entry Age of Policyholder |
18 |
50 |
|
Age at Maturity |
- |
59 |
|
Single premium |
NA |
NA |
|
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly |
|
Sample illustration of premium amount in Tata AIG Life Assure Lifeline Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 20 lakhs and Policy Term = 15 years
The different versions of this plan would have different premium amount. Let us see an illustration of a healthy Male (non-tobacco user) of 35 years of age opting for a Sum Assured = Rs. 5 lakhs and Policy Term = 1/5/10/15/20/25 years and Till age 60
Additional Features and Benefits of Tata AIG Life Assure Lifeline Plan
Riders – Each variant of the Tata AIG Life Assure Lifeline plan has a set of riders available to add on various benefits to the pure term insurance plan at some extra cost. Below shown is the display of riders available in each variant.
|
|
One Year Plan |
Five Year Plan |
10/15/20/25 Years Plan |
To Age 60 Plan |
|
Accidental Death Benefit Rider |
x |
x |
x |
x |
|
Accidental Death and Dismemberment Rider - Long Scale |
x |
x |
x |
x |
|
Accidental Death and Dismemberment Rider - Short Scale |
x |
x |
x |
x |
|
5 Year Renewable Term Rider |
|
|
x |
x |
|
10/15/20/25 years Term Rider |
|
|
x |
x |
|
Term to Age 60 Rider |
|
|
x |
x |
x indicates that the rider is available
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. It can be re-instated within 5 years of lapsation by paying up all due premiums with interest. However, the discretion of revival lies with the Insurer.
You want to surrender the policy – Not allowed in this plan.
You want a loan against your policy – Loan facility is not provided under this policy.
